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  "docSlug": "0241ef55185f",
  "documentTitle": "Remitly Global, Inc. (RELY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-03-11 00:00:00",
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  "pageNumber": 17,
  "pageCount": 74,
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  "density": "dense",
  "nDataPoints": 4,
  "notes": "Uses a before-after comparison to highlight a change in data sources and TAM figures.",
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      "kind": "callout",
      "text": "Remitly recently changed its TAM and stopped sourcing World Bank and IMF Fund data. The Company now shows a “Consumer Cross-Border TAM” of $1.8 trillion, up from $1.6 trillion two years earlier.",
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      "kind": "diagram",
      "text": "Comparison of 2022 vs 2024 investor presentation TAM claims",
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      "text": "TAM: $1.8t",
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      "text": "Remitly recently changed its TAM and stopped sourcing World Bank and IMF Fund data. The Company now shows a “Consumer Cross-Border TAM” of $1.8 trillion, up from $1.6 trillion two years earlier. We believe this shift indicates maturity and/or growing competitive challenges with its core immigrant customer. Moreover, we highlight that Remitly is a customer of FXC Intelligence which is the new source of its updated TAM and market share claim.",
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      "text": "Source: William Blair Conference Presentations (June 7, 2022 and June 5, 2024), FXC Intelligence",
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      "kind": "title",
      "text": "We Believe A Recent TAM Shift Suggests Core Competitive Pressures",
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